Tenants and Keys - System

[Rob Randle]

I'm a soon to be first time landlord and looking to come up with ideas to how to handle the key situation with tenants (lock-outs ect.).  I will be self managing and do not want to deal at all with lock outs at 1 a.m.  I want to completely take myself out of the equation and looking for advice on what systems you guys use.  Below are some of my thoughts, however I may be over-thinking.

1. Have a 24hr local locksmith hold on to a set of extra keys for the unit.  I would give tenant their number to contact them if they get locked out.  Tenants would be charged what ever the locksmith charges.  I've called a few locksmiths and have yet to find one that offers this type of service.  I would even be willing to pay a small fee each month for them to hold on to my spares.  Seems like a win-win for the locksmith, they get my yearly fee and secure the business when my tenants lock themselves out.

2. The only other thing I can think of is charging like $250 dollars if they get locked out an and I have to let them in.  I would incorporate it into the lease.  That way I create a barrier to them calling me and get compensated generously for my time.  I am around 45 min from my rental.

How are you handling this situation?